Garage and Service Station Market Size

Garage and Service Station Market Size

Garage and Service Station Market was valued at USD 801.4 billion in 2022 and is anticipated to register a CAGR of over 7% between 2023 and 2032, due to increasing vehicle ownership and usage. According to the Society of Indian Automobile Manufacturers, from April 2022 to March 2023, the industry manufactured a combined total of 25,931,867 vehicles, encompassing Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and Quadricycles. This marks an increase compared to the 23,040,066 units produced from April 2021 to March 2022.

As more individuals and businesses rely on cars for daily transportation, the demand for maintenance, repair, and refueling services has surged. This trend stimulates market growth as service stations and garages play a pivotal role in keeping vehicles roadworthy and ensuring safe, efficient, and convenient travel, thus capitalizing on the expanding automotive landscape.

Stringent environmental regulations focused on mitigating vehicle emissions will boost the garage and service station market growth. Stricter emissions and environmental regulations require vehicles to be well-maintained. Service stations are adapting to provide emissions testing and eco-friendly solutions to meet these regulatory requirements and customer demands. On the other hand, the transition to electric vehicles poses a challenge to traditional service stations and garages, as EVs require less maintenance and different types of services. This shift can reduce the demand for conventional automotive services, thus impacting the market outlook.